Global oil prices surged Monday, lifting the shares of major producers around the world, as investors bet a trade truce between the U.S. and China, as well as possible production cuts from OPEC, will reverse the market's steep autumn decline heading into 2019.

President Donald Trump pressured U.S. officials to ease restrictions on China's ZTE Corp. just as his National Security Adviser appeared to threaten European companies doing business with Iran with potential sanctions.

Global oil prices have gained nearly 15% since March as investors count the cost of continue OPEC production cuts and the threat of supply disruption from Iran linked to nuclear treaty sanctions, but most energy-related stocks have yet to follow suit.